Enter the name of the account to be debited in the particulars column very close to the left hand side of the particulars column followed by the abbreviation ‘Dr.’ at the end in the same line. Against this, the amount to be debited is entered in the debit amount column in the same line. ( ) Write the name of the account to be credited in the second line starting with the word ‘To’ prefixed a few spaces away from the margin in the particulars column. Against this, the amount to be credited is entered in the credit amount column in the same line.
( ) Write the narration within brackets in the next line in the particulars column. . . Different types of journal entries The journal entries may be of the following types: (i) Single entry (ii) Compound entry (iii) Opening entry (iv) Closing entry (v) Rectifying entry (vi) Adjusting entry (vii) Transferring entry Accountancy - (i) Single entry: Single entry is an entry in which only two accounts are involved, one account is debited and another is credited.
(ii) Compound entry: Compound entry is an entry in which more than two accounts are involved. Either more than one account is debited or more than one account is credited or both. (iii) Opening entry: Through opening entry the balances of assets and liabilities at the end of the previous accounting year are brought forward to the current accounting year. This is dealt in unit .
(iv) Closing entry: At the end of the accounting period, the nominal accounts are closed by transferring to trading account or profit and loss account. All direct expenses and direct revenues are transferred to Trading Account. All indirect expenses and indirect revenues are transferred to Profit and Loss Account. This is dealt in unit .
(v) Rectifying entry: Rectifying entries are passed to make correction of errors in accounting. This is dealt in unit . (vi) Adjusting entry: Adjusting entry is the entry made for the transactions which remain unrecorded or require adjustment after closing the accounts for the